Oak Vale, Mississippi Property Taxes
The median property tax rate in Oak Vale, MS is 1.59%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Oak Vale, the typical annual property tax bill reaches $676, which is significantly lower than the national median of $2,690. Property taxes in Oak Vale are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oak Vale's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Oak Vale or another part of Jefferson Davis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oak Vale, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$786
Ownwell’s Oak Vale Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Oak Vale with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Oak Vale to estimate your property tax bill. This valuable tool provides a clear understanding of potential tax liabilities. For those interested in more granular insights, you can explore trends at a neighborhood level by scrolling down for localized information. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Oak Vale, Mississippi
Property taxes in Oak Vale, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Vale is 1.59%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Oak Vale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Vale estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Oak Vale's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 39656 zip code has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these cities compare with Oak Vale provides valuable insights into the varying tax landscape across Jefferson Davis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Vale Tax Rate
1.59%
Average Jefferson Davis County Tax Rate
1.48%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Vale, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39656 | 0.43% | 0.97% | 1.59% | 2.06% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Oak Vale, Mississippi
In Oak Vale, Mississippi, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Jefferson Davis County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Oak Vale, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Oak Vale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Jefferson Davis County is found in the 39656 zip code, standing at $676, while the lowest median tax bill is also $676 in the same zip code.
Average Oak Vale Assessed Value
$49,450
Average Jefferson Davis County Assessed Value
$51,960
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Vale, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39656 | $11,330 | $24,680 | $49,450 | $75,470 | $127,200 |
Source: Ownwell
Property Tax Bills Across Oak Vale, Mississippi
In Oak Vale, Jefferson Davis County, MS, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the market value of the home. For homeowners in Oak Vale, the median home price is $49,450. The median property tax rate in the area is notably lower than the national median of 0.99%, resulting in a more manageable tax bill for residents. The tax bill varies significantly depending on the property's assessed value and applicable exemptions. For example, the 25th percentile tax bill is $303, while the 75th percentile tax bill is $1,101, and the 90th percentile tax bill is $1,882. This range indicates that homeowners with higher-valued properties or fewer exemptions will pay more in property taxes. The highest median tax bill recorded in the county is $676, which is relatively modest compared to national figures. These factors collectively influence how much homeowners in Oak Vale are required to pay annually in property taxes.
Average Oak Vale Tax Bill
$676
Average Jefferson Davis County Tax Bill
$654
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Vale, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39656 | $149 | $303 | $676 | $1,101 | $1,882 |
Source: Ownwell